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Spot prices of natural gas futures contracts against the dollar (XNG/USD) decreased by 0.52 percent, during the European morning trading on Thursday, August 24. The spot price of US natural gas contracts is trading at 2.471 US dollars per million British thermal units, at 08:11 am GMT. This is in a downward wave that dominated the price, especially after reports issued this morning about the news of an upcoming deal between Woodside Energy and the labor unions for the largest liquefied natural gas production facility in Australia.
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On the other hand, natural gas prices fell in European markets today, Thursday, after Brad Gandy, a spokesman for the labor union, said earlier, expressing his pleasure that Woodside Energy presented its members with a strong offer without industrial action. On the other hand, Woodside announced that significant progress had been made in the negotiations held on Wednesday. Where the two parties reached an agreement in principle. In terms of September deliveries, UK natural gas futures fell 19.30 percent to 74,500 pence. For the same month contracts, Dutch natural gas fell 18.99 percent to 29.80 euros per megawatt hour.
Natural gas price on the 4H time frame
Technically, the spot price of US natural gas futures contracts broke the lower line of the triangle shown in the attached chart. Currently, prices are trading near the $2.551 support, and below the 28- and 50-day moving averages on the daily, 1-day, and 240-minute timeframes. On the other hand, the momentum indicator reversed its direction, indicating the dominance of the natural gas bear on the current scene. Thus, we are expected to see the price trading at 2.47 levels, then 3.368 USD levels, respectively. On the other hand, the natural gas bulls may receive the required impetus from the natural gas inventories data, which is expected to be released later in the day, at which time the price may trade at 2.71 levels, then 2.87 levels, respectively.
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